B.Riley raises Bitdeer stock target to $18, maintains Buy

On Wednesday, B.Riley analyst Lucas Pipes updated the price target for Bitdeer Technologies Group (NASDAQ: BTDR), increasing it to $18.00 from the previous $17.00, while reaffirming a Buy rating on the shares. The adjustment follows Bitdeer’s first-quarter earnings release and its participation in the B. Riley Securities Annual Investor Conference. With a market capitalization of $2.95 billion and analyst targets ranging from $16 to $26, InvestingPro data shows the stock currently trades at $14.29, suggesting potential upside according to analyst consensus.

Pipes cited three main reasons for the positive outlook on Bitdeer: the company’s entry into the ASIC market with high-efficiency products, its aggressive expansion in self-mining operations, and the ongoing growth into high-performance computing (HPC) at key facilities. The company has expressed confidence in achieving the production of the SEALMINER A4, which boasts a 5 J/Th efficiency, by the fourth quarter of 2025. This development could potentially be a significant catalyst for the stock, pending third-party efficiency validation. InvestingPro data reveals the stock has demonstrated strong momentum with a 145.5% return over the past year, though investors should note its high volatility with a beta of 2.24.

Bitdeer’s strategy primarily focuses on self-mining, with the majority of new power being allocated to its own mining rigs. The company is open to external sales, but only if there is sufficient market demand. Bitdeer’s target is to expand its hash rate to 40 EH/s by the end of 2025, marking a substantial 220% increase from its current 12.4 EH/s.

The report also notes that construction of Bitcoin mining operations at the 570 MW Clarington site is currently on hold. Bitdeer is exploring partnerships in HPC and is keeping its options open to restart mining operations if it becomes advantageous.

Despite a downward revision of the company’s second-quarter and full-year 2025 adjusted EBITDA forecasts—from $25.3 million to $10.7 million for Q2, and from $71.3 million to $50.2 million for the year—the analyst maintains a Buy rating. The new price target reflects expectations for a higher projected self-mining hash rate and the inclusion of the company’s power pipeline in the valuation. According to InvestingPro, analysts anticipate significant sales growth with a 41% revenue increase forecast for the current year. For deeper insights into Bitdeer’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, Bitdeer Technologies Group reported its first-quarter 2025 earnings, which did not meet analyst expectations. The company recorded revenue of $70.1 million, falling short of the consensus estimate of $71.7 million. Additionally, the adjusted loss per share was $0.37, which was worse than the projected loss of $0.32 per share. Bitdeer’s revenue experienced a significant decline from $119.5 million in the same quarter last year, attributed to the Bitcoin halving event in April 2024 and an increase in global network hashrate. Despite this, the company reported a net income of $409.5 million, largely due to non-cash fair value changes of derivative liabilities. Bitdeer has increased its average self-mining hashrate by 44.8% to 9.7 EH/s and aims to reach a target of 40 EH/s by October 2025. The company has also adjusted its 2025 capital expenditure guidance for power and datacenter infrastructure, lowering it to a range of $260 to $290 million from the previous $340 to $370 million. These developments reflect Bitdeer’s ongoing efforts to execute its SEALMINER roadmap and enhance its self-mining capabilities.

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